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Bitcoin (BTC) Price Analysis for November 22

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Tue, 22/11/2022 - 21:30
Bitcoin (BTC) Price Analysis for November 22
Cover image via www.tradingview.com

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The rates of most of the coins keep falling, according to the CoinMarketCap ranking.

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Top 10 coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) has dropped by 1.12% over the last 24 hours.

BTC/USD chart by TradingView

Despite the decline, the rate of Bitcoin (BTC) has successfully bounced off the local support level at $15,651. Moreover, the price has fixed above the resistance at $15,932.

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If bulls can hold the gained initiative until the end of the day, the rise may continue to the $16,300 mark tomorrow.

BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) has once again bounced back to the support at $15,632. Currently, one needs to pay close attention to the $16,000 mark. If the bar closes above it with no long wicks, there is a chance to see the local growth of the main cryptocurrency.

BTC/USD chart by TradingView

A similar situation appears on the longer time frame. If a false breakout of the support level at $15,632 happens, there is a possibility to see Bitcoin (BTC) bullish next week.

Bitcoin is trading at $16,002 at press time.

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